Emie’s Beauty Shop
INCOME STATEMENT
For the year ended Dec. 31, 2020
Revenues:
Total Revenue
500,000
500,000
Operating Expenses:
Salaries Expenses
45,000
Advertising Expenses
14,000
Tax and License
10,000
Supplies Expenses
9,000
Insurance Expenses
17,000
Payroll Taxes
12,000
Rent Expense
15,000
Total Expenses
122,000
Net Income
378,000
Emie’s Beauty Shop
INCOME STATEMENT
For the year ended Dec. 31, 2020
ASSETS
Current Assets
Cash
75,000
Accounts Receivable
25,000
Inventory
505,000
Prepaid Insurance
10,000
Total Current Assets
615,000
Fixed Assets
Vehicle
30,000
Equipment
65,000
Building
53,000
Total Fixed Assets
65,000
Total assets
763,000
LIABILITES
Current Liabilities
Account Payable
25,000
Income Tax Payable
35,000
Salaries Payable
10,000
Unearned Revenue
15,000
TOTAL CURRENT LIABILITIES
85,000
NON-CURRENT LIABILITES
Long Term Debt
Total Non-Current Liabilities
100,000
100,000
Total Liabilities
185,000
OWNER’S EQUITY
Owner’s Equity
Owner’s Capital
300,000
Owner’s drawing
Net Income
(100,000)
378,000
TOTAL Owner’s Equity
578,000
Total Liabilities and Owner’s Equity
763,000
Emie’s Beauty Shop
Statement of Owner’s Equity
For the year ended 31, 2020
OWNER’S EQUITY at January 1,2020
Owner’s Equity
Add:
Owner’s Capital
Net Income
300,000
378,000
Subtotal
678,000
Owner’s drawing
(100,000)
Deduct:
TOTAL Owner’s Equity at Dec 31,2020
578,000